Pegasystems Inc (PEGA) 2024 Q2 法說會逐字稿

(audio in progress)

（音訊正在播放）

(Operator Instructions)

（操作員指示）

I would now like to turn the call over to Vice President, Corporate Development and Investor Relations of Pegasystems, Peter Welburn. Please go ahead.

現在，我想將電話轉給 Pegasystems 公司企業發展和投資者關係副總裁 Peter Welburn。請繼續。

Good morning, everyone, and welcome to Pegasystems Q2 '24 earnings call.

大家早安，歡迎參加 Pegasystems 2024 年第二季財報電話會議。

Before we begin, I would like to read our Safe Harbor statement. Certain statements contained in this presentation may be construed as forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. The words expect, anticipate, intend, plan, believe, will, could, should, estimate, may, forecast, guidance, or variations of such words and other similar expressions identify forward-looking statements, which speak only as of the date the statement was made and are based on current expectations and assumptions.

在我們開始之前，我想先讀我們的安全港聲明。本簡報中包含的某些陳述可能被解釋為《1995 年私人證券訴訟改革法案》中定義的前瞻性陳述。預期、預期、打算、計劃、相信、將要、可能、應該、估計、可能、預測、指導等詞語或此類詞語的變體及其他類似表達均視為前瞻性陳述，這些陳述僅代表截至陳述作出之日的觀點，且基於當前的預期和假設。

Because such statements deal with future events, they are subject to various risks and uncertainties. Actual results for fiscal year 2024 and beyond could differ materially from the company's current expectations.

由於此類聲明涉及未來事件，因此受到各種風險和不確定性的影響。2024 財年及以後的實際結果可能與公司目前的預期有重大差異。

Factors that could cause the company's results to differ materially from those expressed in forward-looking statements are contained in the company's press release announcing its Q2 2024 results and in the company's filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2023, and in other recent filings with the Securities and Exchange Commission.

可能導致公司業績與前瞻性陳述中表達的業績存在重大差異的因素包含在公司宣布其 2024 年第二季度業績的新聞稿中以及公司向美國證券交易委員會提交的文件中，包括截至 2023 年 12 月 31 日的 10-K 表年度報告，以及最近向美國證券交易委員會提交的其他文件中。

And investors are cautioned not to place undue reliance on such forward-looking statements, and there are no assurances that the matters contained in such statements will be achieved. Although subsequent events may cause our views to change, except as required by applicable law, we do not undertake and specifically disclaim any obligation to publicly update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

並告誡投資者不要過度依賴此類前瞻性陳述，並且不保證此類陳述中包含的事項將會實現。儘管後續事件可能會導致我們的觀點發生變化，但除非適用法律要求，否則我們不承擔並明確否認任何公開更新或修改這些前瞻性陳述的義務，無論是由於新資訊、未來事件或其他原因。

And with that, I turn the call over to Alan Trefler, Founder and CEO of Pegasystems.

接下來，我將電話轉給 Pegasystems 的創辦人兼執行長 Alan Trefler。

Thank you, Peter and to everyone who has joined today's call.

謝謝彼得以及參加今天電話會議的所有人。

I'm very pleased with our performance in the first half of 2024. We continue to improve execution, and I'm happy to see that our focus on profitable growth is working well. We're accomplishing our financial goals while continuing to deliver breakthrough technology innovation. Our center at architecture and approach to statistical AI and generative AI continue to be significant differentiators that we think our competitors can't easily replicate.

我對我們 2024 年上半年的表現非常滿意。我們繼續改進執行情況，我很高興看到我們對獲利成長的關注取得了良好的效果。我們在實現財務目標的同時，持續實現突破性的技術創新。我們的架構中心以及統計人工智慧和產生人工智慧的方法仍然是我們認為競爭對手無法輕易複製的重要差異化因素。

Our newest offerings, especially Pega GenAI Blueprint, have captured the imagination of clients, prospects, and partners, allowing them to identify new possibilities and help us drive deeper engagement. Client discussions I've had since launching Blueprint are some of the most positive I've had in the Pega 40-year history. In fact, when our clients see what we've delivered, they quickly recognize the power and the opportunities. I believe that the energy and confidence in our vision is increasing and is helping to drive the kinds of results we're talking about today.

我們最新的產品，尤其是 Pega GenAI Blueprint，吸引了客戶、潛在客戶和合作夥伴的想像力，使他們能夠發現新的可能性並幫助我們推動更深入的參與。自從推出 Blueprint 以來，我與客戶進行的討論是我在 Pega 40 年歷史上進行過的最積極的討論之一。事實上，當我們的客戶看到我們提供的產品時，他們很快就意識到了其中的力量和機會。我相信，我們對於願景的能量和信心正在不斷增強，並有助於推動我們今天所談論的成果。

With tens of thousands of Pega Blueprints created over the last few months, we're identifying opportunities to accelerate growth and creating additional momentum for Pega Cloud, which will contribute to monetization. And we've barely scratched the surface of what we, our clients, and our partners can do with this game-changing technology, and we're really energized by this. I do believe that Blueprint is fundamentally changing how we engage, sell, and deliver with our clients.

過去幾個月來，我們已經創建了數以萬計的 Pega Blueprints，我們正在尋找加速成長的機會，並為 Pega Cloud 創造額外的動力，這將有助於實現貨幣化。而我們，我們的客戶和合作夥伴可以利用這項改變遊戲規則的技術做些什麼，我們對此感到非常興奮。我確實相信 Blueprint 從根本上改變了我們與客戶的互動、銷售和交付方式。

Now, I want to take a few minutes to remind you about what makes our approach to AI unique and powerful, because a lot of the language we see in the industry is very buzzy and sounds very similar. But at the core, if you strip away all the tech speed, we're moving our clients way beyond the ability to write more faster code, which is what many of our competitors are doing.

現在，我想花幾分鐘時間提醒大家，是什麼讓我們的人工智慧方法如此獨特和強大，因為我們在行業中看到的許多語言都非常流行，聽起來非常相似。但從本質上講，如果拋開所有技術速度不談，我們就會讓客戶無法編寫更快的程式碼，而這正是我們的許多競爭對手正在做的事情。

This is 100% wrong focus. No client has ever told us they want more code. They are drowning in code and legacy systems. They want to drive innovation, ensure their employees are satisfied and productive, and ultimately serve their customers better so the customers are satisfied, loyal, and profitable.

這完全是錯誤的焦點。從來沒有客戶告訴我們他們想要更多程式碼。他們正深陷於程式碼和遺留系統中。他們希望推動創新，確保員工滿意且高效，並最終更好地服務客戶，使客戶滿意、忠誠且獲利。

As we've always done, we're using AI to help clients solve business challenges by giving them the ability to completely reimagine their workflows and then execute quickly and effectively. GenAI allows us to take this to the whole new level. And for decades, we've been investing in an application development approach centered around business outcomes, not code, things like enterprise processes, rules, data models, and user interface. And this marries up perfectly with our approach to GenAI.

正如我們一直以來所做的那樣，我們正在使用人工智慧來幫助客戶解決業務挑戰，使他們能夠徹底重新構想他們的工作流程，然後快速有效地執行。GenAI 讓我們能夠將其提升到全新的水平。幾十年來，我們一直在投資以業務成果而非程式碼為中心的應用程式開發方法，例如企業流程、規則、資料模型和使用者介面。這與我們的 GenAI 方法完美結合。

Now, this allows business and IT to come together with a common visual language focused on business concepts and the customer journey, not on any particular technology or challenge. Infusing GenAI into our approach lets users unlock new ideas and implement them efficiently and effectively. And because so much of our architecture is patented, we believe it can't be easily copied or reproduced and we don't see anyone going at this problem the way we are.

現在，這使得業務和 IT 能夠透過共同的視覺語言結合在一起，專注於業務概念和客戶旅程，而不是任何特定的技術或挑戰。將 GenAI 融入我們的方法中，可以讓用戶解鎖新想法並有效率、有效地實現它們。而且由於我們的許多架構都獲得了專利，我們相信它不能被輕易複製或再現，我們也沒有看到任何人像我們一樣解決這個問題。

Now, our last few calls have talked about the four major areas we believe our GenAI approach will have a massive impact for us and our clients: by delivering solutions at first, double developer productivity by putting Pega skills at their fingertips; secondly, ignite enterprise innovation through a powerful blend of industry expertise, Pega technology, and incorporating client insights, all driven by generative AI; third, maximize revenue and efficiency with real-time optimization and personalization of customer interactions and workflows; and finally, streamlining their work processes and customer experiences by giving the right people the right access to enterprise knowledge and putting processes in their hands to execute based on that knowledge.

現在，我們最近的幾次電話會議討論了我們認為 GenAI 方法將對我們和我們的客戶產生巨大影響的四個主要領域：首先，透過提供解決方案，讓開發人員掌握 Pega 技能，使開發人員的工作效率翻倍；其次，透過強大的行業專業知識、Pega技術以及結合客戶洞察力來激發企業創新，所有這些都由生成式人工智慧驅動；第三，透過即時優化和個人化客戶互動和工作流程來最大化收入和效率；最後，透過讓合適的人員正確存取企業知識並將流程交到他們手中以基於這些知識執行，簡化他們的工作流程和客戶體驗。

We continue to deliver on that strategy, which we showcased at PegaWorld last month. We've added GenAI capabilities that help all who use Pega do more: business and IT teams who design and plan their applications, well, Pega GenAI Blueprint is helping them collaborate, dramatically accelerate the design phase, inject new ideas and best practices, and use the power of AI and the internet to stimulate best practice thinking in their applications; and developers, where the Pega GenAI Autopilot helps them turn Blueprints into live applications, providing the ability to move from Blueprint to an application and providing contextual guidance and assistance in every step of the development journey.

我們將繼續推行這項策略，並在上個月在 PegaWorld 上進行了展示。我們添加了 GenAI 功能，可幫助所有使用 Pega 的人做更多的事情：設計和規劃應用程式的業務和 IT 團隊，Pega GenAI Blueprint 可幫助他們協作，大大加快設計階段，注入新想法和最佳實踐，並利用人工智慧和互聯網的力量激發他們應用程式中的最佳實踐思維；對於開發人員，Pega GenAI Autopilot可協助他們將藍圖轉變為即時應用程序，提供從藍圖轉移到應用程式的能力，並在開發過程的每一步提供上下文指導和協助。

And I also love Pega GenAI Socrates, a first-of-its-kind GenAI tutor that revolutionizes learning by creating an interactive, tailored dialogue with each individual student to help them learn Pega skills.

我也很喜歡 Pega GenAI Socrates，這是第一個 GenAI 導師，它透過與每個學生建立互動式、客製化對話來幫助他們學習 Pega 技能，從而徹底改變了學習方式。

Now, users of Pega applications across operations, service, and customer engagement, where we have a powerful integrated suite of more than 20 productivity boosters aimed at different use cases, are all seeing enormous benefits. Customers are leveraging self-service to get answers using GenAI Knowledge Buddy. Employees get their work done faster with expert guidance and direction from the AI through the GenAI Coach. Service agents can serve their customers better using Pega GenAI Analyze to summarize conversations and do more relevant follow-up, and marketers, who can effectively create action and manage holistic customer engagement with GenAI CDH Assistant. As you can see, we've percolated GenAI through our entire product suite. This is the basis of how we want our clients to advance in the future.

現在，Pega 應用程式的用戶（涵蓋營運、服務和客戶參與領域）都看到了巨大的好處，我們擁有一套強大的整合套件，其中包含 20 多個針對不同用例的生產力助推器。客戶正在利用 GenAI Knowledge Buddy 進行自助服務以獲取答案。透過 GenAI Coach 的 AI 專家指導和指引，員工可以更快完成工作。服務代理可以使用 Pega GenAI Analyze 來總結對話並進行更相關的跟進，從而更好地為客戶服務，而行銷人員可以使用 GenAI CDH Assistant 有效地採取行動並管理整體客戶參與度。如您所見，我們已經將 GenAI 滲透到我們的整個產品套件中。這是我們希望客戶未來進步的基礎。

Now, a moment on PegaWorld, it was really inspiring and as exciting as any that I've seen in more than 30 years. The attendees were super eager to explore the new innovations, especially Pega Blueprint, where we had multiple Pega Blueprint kiosks around the event. And there were lines of people up to 5 feet waiting to get their hands on it. More than 1,000 new Blueprints were created in just the two days of PegaWorld.

現在，在 PegaWorld 上度過的時光真的非常鼓舞人心，並且與我 30 多年來所見過的任何時刻一樣令人興奮。與會者非常渴望探索新的創新，尤其是 Pega Blueprint，我們在活動周圍設有多個 Pega Blueprint 資訊亭。人們排起了長達 5 英尺長的隊伍，等待著得到它。PegaWorld 僅在兩天內就創建了 1,000 多個新藍圖。

And in client meetings I've had this quarter, including some of those at PegaWorld, clients are excited about our vision for GenAI and the potential impact it can have on their business. And though it's early days, several clients spoke about their Blueprint experience and I find what Aflac said particularly inspiring.

在本季我參加的客戶會議上，包括 PegaWorld 的一些會議，客戶對我們對 GenAI 的願景及其對其業務可能產生的影響感到興奮。儘管還處於早期階段，但已有數位客戶談到了他們的 Blueprint 體驗，我發現 Aflac 的言論特別鼓舞人心。

For the second year, they ran what we call a Pega-thon, which brought together about 70 of their teammates across the company for two half days to develop application prototypes for key business units, all using Pega. The team included business stakeholders with no software experience, developers with no Pega experience, representatives from their partner, Coforge, as well as VPs from the business units involved. This year, they use Blueprint to create the workflows for apps they had defined that really fundamentally have the prospect of changing their business and driving a digital transformation strategy.

第二年，他們舉辦了我們稱為「Pega-thon」的活動，將公司大約 70 名隊友聚集在一起，用兩天半的時間，使用 Pega 為關鍵業務部門開發應用程式原型。該團隊包括沒有軟體經驗的業務利害關係人、沒有 Pega 經驗的開發人員、其合作夥伴 Coforge 的代表以及相關業務部門的副總裁。今年，他們使用 Blueprint 為他們定義的應用程式創建工作流程，這些應用程式確實從根本上有望改變他們的業務並推動數位轉型策略。

Terry Henry, the digital service delivery leader at Aflac, who delivered a presentation at PegaWorld, said what I'm hoping that all clients will say. Well, we've been quite impressed with the speed, agility, and intelligence of Pega GenAI Blueprint. It helped us optimize workflow designs across an array of business scenarios and for a number of different business departments.

Aflac 數位服務交付負責人 Terry Henry 在 PegaWorld 上發表演講時說出了我希望所有客戶都會說的話。嗯，Pega GenAI Blueprint 的速度、靈活性和智慧性給我們留下了深刻的印象。它幫助我們優化了一系列業務場景和多個不同業務部門的工作流程設計。

By drawing on Pega's best practices via generative AI, we can quickly create apps and processes that meet our requirements in record time. This is truly a differentiated use of generative AI that will help propel our digital transformation project forward for the ultimate benefit of our employees and customers. Just terrific when customers stand up and say that sort of thing.

透過借鑒 Pega 的生成式人工智慧最佳實踐，我們可以在創紀錄的時間內快速創建滿足我們要求的應用程式和流程。這確實是生成式人工智慧的差異化使用，它將有助於推動我們的數位轉型專案向前發展，最終造福我們的員工和客戶。當顧客站起來說出這樣的話時，真是太棒了。

We were also very excited to see that our partners have embraced Blueprint's value and have themselves created over 10,000 Blueprints. With the latest release, we can upload their proprietary Blueprints to Pega's best practice library for them to use in their client engagements and to help them create new services. About a dozen partners have already taken advantage of this new capability and have created about 70 best practice Blueprints to use with their clients.

我們也很高興地看到我們的合作夥伴已經接受了藍圖的價值並且自己創建了超過 10,000 個藍圖。透過最新版本，我們可以將他們的專有藍圖上傳到 Pega 的最佳實踐庫，供他們在客戶合作中使用並幫助他們創建新的服務。大約有十幾家合作夥伴已經利用了這項新功能，並創建了大約 70 個最佳實踐藍圖供其客戶使用。

Now, it was a terrific opportunity, I think, for us to broaden the way we go to market by empowering our partners to take advantage of this new capability. And one thing I love is that the Pega team, in the first quarter of this year, engaged with our partners to make sure that they were really up to speed and able to get on their front foot with this new facility, even as it continues to evolve.

現在，我認為這是一個絕佳的機會，透過授權我們的合作夥伴利用這項新功能，我們可以拓寬進入市場的方式。我喜歡的一件事是，Pega 團隊在今年第一季與我們的合作夥伴進行了接觸，以確保他們能夠真正跟上步伐，並能夠在新設施不斷發展的同時搶佔先機。

Now, I know many of you attended PegaWorld and came to our investor conference, and it was great to see you there. For those who didn't or missed day two, I encourage you to check out our website and watch the keynotes. And now if you want to hear the rest of what Aflac was saying, that is -- the dozens and dozens of videos is there as well.

現在，我知道你們中的許多人參加了 PegaWorld 並參加了我們的投資者會議，很高興在那裡見到你們。對於那些沒有參加或錯過第二天會議的人，我鼓勵你們訪問我們的網站並觀看主題演講。現在，如果您想聽聽 Aflac 所說的其他內容，那裡還有數十個影片。

Now, in addition to the incredible client stories, we also made several important product announcements to move our vision forward, including enhancements to Pega GenAI Blueprint that accelerate transformational design, including an improved, more intuitive user interface, the ability for clients to import existing assets, content, and knowledge that jumpstart their designs, the ability to have multiple people to collaborate directly on Blueprints, and the ability to upload and save partner workflow templates into our best practices library.

現在，除了令人難以置信的客戶案例之外，我們還發布了幾項重要的產品公告來推進我們的願景，包括對 Pega GenAI Blueprint 的增強，以加速轉型設計，包括改進的、更直觀的用戶界面，客戶能夠導入現有資產、內容和知識以啟動他們的設計，讓多個人直接在藍圖上實踐的能力，以及將合作夥伴工作流程中的能力保存到我們的能力。

Blueprint is getting better every week. As a SaaS app that runs on pega.com, it's really empowered us to operate at an incredibly rapid pace with our clients. In fact, just last night, we added facilities to it to allow the import of BPMN, business process management notation, diagrams to be able to turn them into the key workflows of a Blueprint.

藍圖每週都在不斷改進。作為在 pega.com 上運行的 SaaS 應用程序，它確實使我們能夠以令人難以置信的速度與客戶合作。事實上，就在昨晚，我們添加了一些功能，允許匯入 BPMN、業務流程管理符號、圖表，以便將它們轉換為藍圖的關鍵工作流程。

BPMN is, from my point of view, an ancient and derelict standard from the early 2000s that Pega has long passed by but many people still use. We're going to make it much easier for people to do a legacy transformation of these old sort of difficult update systems into the extremely modern model-driven design that underlies Pega.

在我看來，BPMN 是 21 世紀初的一個古老而廢棄的標準，Pega 早已過時，但仍有許多人使用它。我們將使人們更輕鬆地將這些舊式的困難更新系統轉變為 Pega 所依賴的極其現代的模型驅動設計。

Now, we also announced Pega GenAI Socrates, which completely transforms the process for learning Pega skills. This dynamic learning environment fosters an interactive dialogue, and it's very new, but I think it's incredibly exciting. And we've actually had clients who have begun to put their assets and their information into some Socrates classes so that they can do a better job of teaching their staff, things that don't even apply to Pega. And we think this represents a really interesting opportunity to look at going forward.

現在，我們也宣布了 Pega GenAI Socrates，它徹底改變了學習 Pega 技能的過程。這種充滿活力的學習環境促進了互動對話，這非常新穎，但我認為它非常令人興奮。事實上，我們的客戶已經開始將他們的資產和資訊投入到一些蘇格拉底課程中，以便他們能夠更好地教導他們的員工，而這些事情甚至不適用於 Pega。我們認為這代表著一個值得展望未來的真正有趣的機會。

And we expanded our GenAI framework with new connectors to Google Cloud and AWS that give our clients more options to use a different LLM if there's a good reason to. Our clients now have a broader set of capabilities to be able to build generative AI applications, and we've really focused on trying to bring the security, privacy, and key aspects of responsible AI into what our technology does.

我們透過與 Google Cloud 和 AWS 的新連接器擴展了我們的 GenAI 框架，讓我們的客戶在有充分理由的情況下可以有更多選擇使用不同的 LLM。我們的客戶現在擁有更廣泛的能力來建立生成式人工智慧應用程序，而我們真正致力於將安全性、隱私性和負責任的人工智慧的關鍵方面融入我們的技術中。

I'll also mention that this morning, we announced that we have received FedRAMP high ready compliance and in-process status for Pega Cloud for Government. We've been FedRAMP moderate for a long time. Now being raised to FedRAMP's most rigorous standard is something that we're very excited about, and we'll be working on completing in coming months. As you know, the government business is quite important to us, so we think this just helps give another vote of confidence in the US and even around the world as people look at it.

我還要提到，今天上午，我們宣布我們已經獲得了 Pega Cloud for Government 的 FedRAMP 高就緒合規性和正在進行的狀態。我們長期以來一直是 FedRAMP 的適度者。現在，我們對達到 FedRAMP 最嚴格的標準感到非常興奮，我們將在未來幾個月內努力完成這一目標。如您所知，政府業務對我們來說非常重要，因此我們認為這有助於讓人們對美國乃至全世界再次投下信任票。

So in summary, we continue to improve execution to drive profitable growth while delivering, I think, revolutionary innovation. We have a vision for leveraging AI and GenAI that is driving deeper engagement and absolutely inspiring increased confidence with our stakeholders.

總而言之，我們將繼續改進執行力，以推動獲利成長，同時實現我認為的革命性創新。我們的願景是利用人工智慧和 GenAI 來推動更深入的參與，並絕對激發利害關係人的信心。

Now, while we have a lot of competitors cocketing, we're delivering tangible, groundbreaking solutions, and they're in an architectural approach that we don't think competitors can match. And this approach and architecture are unique. It's been the basis of Pega and developed by Pega over our decades. And what I love about the way we put statistical AI and generative AI to work is how perfectly it fits in with this heritage.

現在，雖然我們有很多競爭對手，但我們正在提供切實可行的、突破性的解決方案，而且他們採用的架構方法我們認為競爭對手無法比擬。這種方法和架構是獨一無二的。它是 Pega 的基礎，由 Pega 歷經數十年開發而成。我喜歡我們運用統計人工智慧和產生人工智慧的方式，因為它與這項傳統完美契合。

Now, to provide more color on our financial results, I'll now turn it over to Pega's COO and CFO, Ken Stillwell. Take it away, Ken.

現在，為了更詳細地介紹我們的財務業績，我將把時間交給 Pega 的營運長兼財務長 Ken Stillwell。把它拿走吧，肯。

Thanks, Alan. Our execution was truly exceptional in the first half of the year, and I'm really proud of the way our team is improving profitability, but also focusing on driving growth. This success reflects our continued commitment to delivering efficient growth and demonstrates that we're fully advancing a Rule of 40 mindset in the business.

謝謝，艾倫。我們上半年的執行力確實非常出色，我為我們的團隊在提高獲利能力的同時，也專注於推動成長的方式感到非常自豪。這項成功體現了我們對實現高效成長的持續承諾，也顯示我們正在業務中全面推進「40 法則」思維模式。

The most important metric to measure the success of our business is growth in annual contract value. ACV grew 13% year over year in constant currency, exceeding $1.3 billion. Our ACV growth reaccelerated from Q1 to Q2 for three reasons.

衡量我們業務成功的最重要指標是年度合約價值的成長。以固定匯率計算，ACV 年增 13%，超過 13 億美元。我們的 ACV 成長從第一季到第二季再次加速，原因有三。

First, we significantly increased client engagement, thanks to the go-to-market changes we made in 2023 and the enormous interest in what we're doing with artificial intelligence. Clients are very excited about our AI vision and execution. We've reinvigorated their enthusiasm about Pega, and it's driving strategic conversations.

首先，由於我們在 2023 年做出的市場變革以及客戶對我們在人工智慧領域所做工作的極大興趣，我們顯著提高了客戶參與度。客戶對我們的人工智慧願景和執行感到非常興奮。我們重新激發了他們對 Pega 的熱情，並推動了戰略對話。

More specifically, Pega GenAI Blueprint is dramatically changing the way our field teams engage with our clients and prospects. Nailing down an app design used to take weeks or months; now, it takes hours. Pega GenAI Blueprint helps businesses and technical teams align on a vision quickly. We've seen tens of thousands of new Blueprints created so far, a strong sign that Blueprint is transforming our overall selling process.

更具體地說，Pega GenAI Blueprint 正在極大地改變我們的現場團隊與客戶和潛在客戶互動的方式。完成應用程式的設計過去通常需要幾週甚至幾個月的時間，而現在只需要幾個小時。Pega GenAI Blueprint 幫助企業和技術團隊快速達成願景。到目前為止，我們已經看到數以萬計的新藍圖被創建，這強烈表明藍圖正在改變我們的整體銷售流程。

Our decision to permeate our product line with AI is really energizing clients and making them more amenable to moving forward with us, which is also transforming our selling cycle and culture. To be very clear, we don't view the monetization of GenAI primarily as the selling of new-priced offerings, although we did see some of that activity in Q2. Instead, we see GenAI as a totally different way to engage and ideate with clients to modernize legacy applications and enable digital transformation.

我們決定將人工智慧滲透到我們的產品線中，這確實激發了客戶的活力，使他們更願意與我們一起前進，這也改變了我們的銷售週期和文化。需要明確的是，我們並不認為 GenAI 的貨幣化主要是銷售新定價產品，儘管我們在第二季確實看到了一些此類活動。相反，我們認為 GenAI 是一種與客戶互動和構思的完全不同的方式，可以使遺留應用程式現代化並實現數位轉型。

The second reason ACV accelerated from Q1 to Q2 is because our latest innovations are serving as a catalyst for clients to build new workflows on or move existing workflows to Pega Cloud, where they can get access to our latest capabilities. Pega Cloud net new ACV contributed 81% of the total net new ACV added in the first half of the year, which is an acceleration and amazing to see. Pega Cloud ACV grew 19% year over year, and Pega Cloud backlog passed $1 billion for the first time ever in Q2, just awesome.

ACV 從第一季加速到第二季的第二個原因是，我們的最新創新正在促使客戶在 Pega Cloud 上建立新的工作流程或將現有工作流程遷移到 Pega Cloud，在那裡他們可以存取我們的最新功能。Pega Cloud 淨新增 ACV 貢獻了上半年總淨新增 ACV 的 81%，這是一個加速成長，令人驚嘆。Pega Cloud ACV 年成長 19%，而 Pega Cloud 積壓訂單在第二季度首次超過 10 億美元，這真是太棒了。

Third, our growth was more balanced in the first two quarters of 2024. In 2023, in contrast, ACV growth in Q1 was much stronger, while ACV growth in Q2 was far more subdued. So what you're seeing now is one of the reasons we love SaaS. Pega Cloud ACV is up 19%, Pega Cloud RPO grew 18%, and Pega Cloud revenue was up 19% for the first half of 2024.

第三，2024年前兩季我們的成長更加均衡。相比之下，2023 年第一季的 ACV 成長強勁得多，而第二季的 ACV 成長則低迷得多。所以您現在看到的就是我們熱愛 SaaS 的原因之一。2024 年上半年，Pega Cloud ACV 成長 19%，Pega Cloud RPO 成長 18%，Pega Cloud 營收成長 19%。

Free cash flow is another important metric to measure the success of our business and our execution. Free cash flow totaled $218 million in the first half of 2024, a record for the first half of the year for us. The 119% year-over-year increase in first half cash flow was driven by two factors. First, our continued improvement in sales execution was really resulting in a strong net ACV out of $146 million year over year in constant currency. ACV is a proxy for subscription billings; so greater ACV means greater recurring billings.

自由現金流是衡量我們業務成功和執行力的另一個重要指標。2024 年上半年自由現金流總計 2.18 億美元，創下了我們上半年的最高紀錄。上半年現金流年增119%是由兩個因素推動的。首先，我們在銷售執行方面的持續改善確實帶來了強勁的淨 ACV，以固定匯率計算，與去年同期相比，淨 ACV 達到了 1.46 億美元。ACV 是訂閱帳單的代理商；因此，ACV 越大，代表定期帳單越多。

The second key driver was our continued focus on operational discipline. One of the biggest levers we have for free cash flow is gross margin expansion. And the biggest factor for gross margin expansion is our Pega Cloud business. Pega Cloud gross margin increased to 78% in Q2, a series of consecutive increases in gross margin for Pega Cloud. We're going to keep pushing to expand Pega Cloud gross margin with increased scale and automation.

第二個關鍵驅動因素是我們持續專注於營運紀律。我們實現自由現金流的最大槓桿之一就是毛利率的擴大。而毛利率擴張的最大因素就是我們的Pega Cloud業務。Pega Cloud 毛利率在第二季上升至 78%，這是 Pega Cloud 毛利率連續上升。我們將繼續努力，透過擴大規模和自動化程度來提高 Pega Cloud 的毛利率。

If I go back a few years, you might remember that we were targeting 70% gross margin for Pega Cloud, and then 75%, and now 80%. And we believe as this business continues to scale, there's significant ability to get that, our gross margin, increasingly higher while still delivering amazing service to our clients.

如果我回顧幾年前，你可能還記得我們當時為 Pega Cloud 設定的毛利率目標是 70%，然後是 75%，現在是 80%。我們相信，隨著業務規模的不斷擴大，我們的毛利率將顯著提高，同時仍能為客戶提供優質的服務。

Our sales and marketing expenses in the first half of 2024 decreased by $26 million year over year. Our view is that reducing expenses and, therefore, increasing cash flows provide us the capacity to make strategic investments in innovation that help our clients drive digital transformation. Our free cash flow momentum provides numerous options for executing our capital allocation strategy that will also lead to increased shareholder value.

2024 年上半年我們的銷售和行銷費用年減了 2,600 萬美元。我們認為，減少開支並因此增加現金流使我們能夠對創新進行策略性投資，幫助我們的客戶推動數位轉型。我們的自由現金流勢頭為執行我們的資本配置策略提供了多種選擇，這也將提高股東價值。

The combination of our solid ACV growth and robust cash flow margin demonstrates that our team has adopted the Rule of 40 mindset. We define Rule of 40 as our ACV growth rate plus our free cash flow margins adjusted for things that are not representative to core business operations. We're committed to being a balanced growth and profit company. While we always will strive for faster growth, we're going to do it in a smart way.

我們穩健的 ACV 成長和強勁的現金流利潤率相結合，表明我們的團隊已經採用了 40 法則思維模式。我們將 40 規則定義為我們的 ACV 成長率加上我們的自由現金流利潤率，並根據不代表核心業務營運的因素進行調整。我們致力於成為一家平衡成長和獲利的公司。雖然我們始終致力於實現更快的成長，但我們會採用更聰明的方式。

Many of you have said it's helpful when I share some thoughts on modeling, so I'll continue to do that. In the first half of 2024, subscription license revenue was stronger than many of you might have expected. Although subscription license is recurring, we believe Pega Cloud is the best place for our clients, and it's great to see more workloads transition to Pega Cloud.

你們中的許多人說，當我分享一些關於建模的想法時，這很有幫助，所以我會繼續這樣做。2024 年上半年，訂閱授權收入比許多人預期的要強勁。儘管訂閱授權是重複的，但我們相信 Pega Cloud 是我們客戶的最佳選擇，很高興看到更多的工作負載轉移到 Pega Cloud。

Given our Pega Cloud momentum, we believe subscription license revenue will decline year over year in 2024. We have a very low number of subscription license renewals planned for Q3 and expect the majority of any remaining renewals in 2024 to shift towards the back end of the year in Q4. Keep these dynamics in mind when you're modeling our subscription license revenue for the second half of 2024 with a particular focus on Q3.

鑑於我們的 Pega Cloud 勢頭，我們認為 2024 年訂閱授權收入將逐年下降。我們計劃在第三季續訂的訂閱許可證數量非常少，並且預計 2024 年剩餘的續訂大部分將轉移到第四季年底。在為 2024 年下半年的訂閱授權收入建模時，請牢記這些動態，尤其關注第三季。

I also want to point out that Pega GenAI is making implementations easier to deliver, and our partners continue to play a critical role for our clients. As a result, consulting revenue is growing at a more moderate pace than total revenue. We expect that trend to continue through the second half of 2024.

我還想指出，Pega GenAI 正在使實施變得更容易，我們的合作夥伴繼續為我們的客戶發揮關鍵作用。因此，諮詢收入的成長速度比總收入的成長速度更為溫和。我們預計這一趨勢將持續到 2024 年下半年。

Closing out my thoughts on modeling, I'll wrap up with a few comments regarding free cash flow. Once a contract is signed, we typically bill one year in advance or, in some cases, one quarter in advance. ACV ties directly to billings, so the seasonality of our free cash flow often follows the seasonality of our contract renewal cycle, which is typically stronger in the first quarter and the last quarter of a year. As a result of these dynamics, we believe it's more instructive to look at our free cash flow on a trailing 12-month basis. Over the last four quarters, our free cash flow was just over $300 million.

在結束我對建模的想法時，我將總結一些關於自由現金流的評論。一旦簽訂合同，我們通常會提前一年或在某些情況下提前一個季度付款。ACV 與帳單直接相關，因此我們的自由現金流的季節性通常遵循我們的合約續約週期的季節性，通常在一年的第一季和最後一個季度更為強勁。由於這些動態，我們認為查看過去 12 個月的自由現金流更有指導意義。在過去四個季度中，我們的自由現金流剛剛超過 3 億美元。

In conclusion, we've been working hard to rev up our ACV growth and drive free cash flow. Our first-half results show that the changes we made to our go-to-market strategy in 2023, increasing seller focus and productivity, and also coupled with our latest AI innovations, are working. Therefore, we can selectively and strategically grow from here and expand quota-bearing resources in a smart way using a disciplined approach and also evaluating the impact of new logos on our growth strategy.

總之，我們一直在努力提高 ACV 成長並推動自由現金流。我們的上半年業績表明，我們在 2023 年對市場進入策略所做的改變、提高了賣家的關注度和生產力，以及加上我們最新的人工智慧創新，正在發揮作用。因此，我們可以從這裡開始有選擇地、策略性地發展，以明智的方式擴大配額資源，採用規範的方法，同時評估新標誌對我們的成長策略的影響。

It was great to see so many of you in person during our investor session in June in Las Vegas. We're also looking forward to seeing you on the road in August and September.

我們很高興在六月拉斯維加斯的投資者會議期間親自見到了這麼多人。我們也期待在八月和九月的路上見到您。

And with that, operator, please open the line for questions.

接線員，請打開熱線來回答問題。

(Operator Instructions) Steve Enders, Citi.

（操作員指示）花旗銀行的史蒂夫恩德斯。

Okay, great. Thanks for taking the question this morning. I guess maybe just to start, I mean, pretty impressive new ACV ads in the quarter here.

好的，太好了。感謝您今天上午回答這個問題。我想也許這只是一個開始，我的意思是，本季的新 ACV 廣告相當令人印象深刻。

Can you just maybe talk a little bit through about what's helping drive the performance in 2Q specifically? And I think looking back, it looks like one of the better 2Qs from an ACV ad perspective in quite some time. So can you just give a little bit of clarity around maybe what's going on in the deal environment and if there's any pull-forwards or kind of like what drove the strength in the ACV ads here?

您能否具體談談哪些因素推動了第二季的業績？我認為回顧過去，從 ACV 廣告角度來看，這是相當長一段時間以來較好的第二季之一。那麼，您能否稍微解釋一下交易環境中正在發生的事情，以及是否存在任何推動因素，或者是什麼推動了這裡的 ACV 廣告的強勁增長？

So I'll start, and then Alan, feel free to jump in. I think that one of the big changes, Steve, that we made in 2023 that is really paying off is, because of the focus on dense coverage of target orgs and really the approach of selling Pega Cloud, we're not as dependent on very large kind of episodic deals to actually -- for our sales team to make numbers. That's not to say that they don't happen and they won't happen. But our sales team is in a motion of much more of continual prospecting, selling, pipeline development advancement, and we really embrace that because it helps to put less dependency on back end of the year and larger deals.

那我先開始，然後艾倫，請隨意加入。史蒂夫，我認為我們在 2023 年做出的一項重大改變確實取得了成效，那就是由於專注於對目標組織的密集覆蓋以及真正的 Pega Cloud 銷售方式，我們並不真正依賴非常大型的間歇性交易來讓我們的銷售團隊創造數字。這並不是說它們不會發生或不會發生。但我們的銷售團隊正處於持續勘探、銷售、通路開發進步的階段，我們非常歡迎這一點，因為這有助於減少對年底和大型交易的依賴。

That's not to say that we will be a completely linear business. It just helps to keep that focus quarter in and quarter out to produce and get numbers on the board. And I think that's kind of well ingrained in our culture right now, and I think you're seeing that in the first couple of quarters. So that's just from an operational execution.

這並不是說我們將成為一個完全線性的企業。它只是有助於保持注意力在每個季度中集中在生產和獲得董事會的數字上。我認為這已經深深植根於我們的文化中，我想你會在前幾個季度看到這一點。這只是從操作執行的角度而言的。

I'll also let Alan touch on just GenAI and Blueprint and how that's really reinvigorated the discussions.

我還會讓艾倫談談 GenAI 和 Blueprint，以及它們如何真正地重新激發討論。

Yeah. I think if you go back close to a year ago, we made some organizational changes to bring together what we used to call the catalyst group, which was a distinct group back then, with our solution consultants, the people who actually do the demos and touch the sort of systems our customers use to figure out if they really want to buy something, with our professional services people who actually would do work on the delivery, and with our partner teams because our partners were obviously absolutely critical to delivery.

是的。我想，如果回顧大約一年前，我們進行了一些組織變革，將我們過去所說的催化劑小組（當時是一個獨特的小組）與我們的方案顧問（實際進行演示並接觸客戶使用的系統以判斷他們是否真的想購買某種東西的人員）、我們的專業服務人員（實際負責交付工作）以及我們的合作夥伴團隊（因為我們的合作夥伴顯然對交付至關重要）整合在一起。

When we saw what was going to happen with GenAI last July, and what's happening, we said we're going to bring these teams together and really use generative AI as a way to rethink how we engage with the customers and, as a result of that, I think, make their ability to see what an application might look like and understand what will take the deliberate application much, much clearer to them. And I think this is still in process, but I think it's working really well.

當我們去年 7 月看到 GenAI 即將發生的事情以及正在發生的事情時，我們說我們將把這些團隊聚集在一起，真正使用生成式人工智慧來重新思考我們如何與客戶互動，因此，我認為，這將使他們能夠看到應用程式可能會是什麼樣子，並更清楚地了解如何進行深思熟慮的應用程式。我認為這仍在進行中，但我認為效果很好。

And I believe that the energy that we're seeing from our clients really has a lot to do with having connected that chain together, but also to do something into that chain which, previously, we really didn't use to do all that much, which is to actually have our account executives, frontline people who are in the field, actually be able to participate in the demoing and the seeing and the real invigorating of the clients with a hands-on level of involvement, all based around how GenAI empowers people to think differently.

我相信，我們從客戶身上看到的能量確實與將整個鏈條連接在一起有很大關係，但也與對鏈條進行一些以前我們很少做的事情有關，那就是讓我們的客戶經理、一線人員能夠真正參與到演示和觀察中，並通過親身參與的方式真正鼓舞客戶，所有這些都基於 GenAI 如何幫助人們以不同的方式思考。

So we need more than one quarter or two quarters here to make us feel that we've got this all nailed. But the early signs of what I see, as evidenced by the enthusiasm and the results from Q2, are actually pretty exciting.

因此，我們需要一個或兩個以上的季度來讓我們感覺到我們已經把一切都搞定了。但從我所看到的早期跡象來看，正如第二季度的熱情和結果所證明的那樣，實際上相當令人興奮。

Okay. That's great to hear, and helpful context there. I guess, maybe asked a little bit more pointedly, I think at the Analyst Day on the GenAI front, you've maybe expected some contribution coming in in Q3 from Blueprint. Are you kind of feeling the same way from that? Are you seeing the pipeline -- are you seeing those conversations built in the pipeline? And how are you kind of feeling about that pipeline converting over to deals at this point?

好的。聽到這個消息真是太好了，而且很有幫助。我想，也許問得更尖銳一些，我認為在 GenAI 方面的分析師日上，您可能會預計 Blueprint 在第三季會做出一些貢獻。您是否也有同樣的感受？您是否看到了管道 - 您是否看到了管道中建立的那些對話？那麼您對於目前該管道轉化為交易有何感想？

Well, I think one of the things that's different about Pega's approach is, and if you look -- if you go back and listen to my 20-minute keynote at PegaWorld, we talk about the three forms of AI. Statistical AI, machine learning, we've done that for 15 years, really, really critical to next best action, making recommendations, doing process improvement. The second form being these productivity tools, of which we've got several dozen, that do the nice stuff like summarization and other sorts of bits that can be important.

嗯，我認為 Pega 的方法與眾不同之處之一是，如果你回顧並聽我在 PegaWorld 的 20 分鐘主題演講，我們討論了人工智慧的三種形式。統計人工智慧、機器學習，我們已經做了 15 年，對於下一步最佳行動、提出建議、進行流程改進真的至關重要。第二種形式是這些生產力工具，我們有數十種這樣的工具，它們可以完成諸如摘要和其他重要的工作。

But the third type of AI we spoke about was AI that was transformational, which is using generative AI to profoundly change how the organization did its very processes. And we had an enormous opportunity to do that because we're model driven. We don't go from the GenAI input from customers to code which, candidly, more code is just more mess.

但我們談到的第三種人工智慧是變革型人工智慧，它使用生成性人工智慧來深刻改變組織的運作方式。我們有巨大的機會做到這一點，因為我們是模型驅動的。我們不會根據客戶的 GenAI 輸入來編寫程式碼，坦白說，程式碼越多，混亂就越多。

We go into the model, the same model that we've been perfecting for decades. And that means that we've got GenAI plugged in in a way that is not just faster, but is also transparent to the customers -- they can see what's happening -- and also changeable.

我們進入這個模型，這個模型是我們幾十年來一直在改進的。這意味著我們以一種不僅更快的方式連接 GenAI，而且對客戶來說也是透明的——他們可以看到正在發生的事情——並且可以改變。

So I think that this energy from GenAI represents a fundamental change to all aspects of our business. We've really woven it in everywhere, which is why we don't sit around talking about GenAI SKUs. I would say that there's not a single sale anymore or a single pursuit that does not have GenAI at the heart of it, because that's now the way you use our products.

所以我認為 GenAI 的這種能量代表著我們業務各個方面的根本變化。我們確實已經將它融入各個地方，這就是為什麼我們不會坐在那裡談論 GenAI SKU。我想說的是，現在沒有一筆銷售或一項追求不是以 GenAI 為核心的，因為這現在是您使用我們產品的方式。

(Operator Instructions) Kevin Kumar, Goldman Sachs.

（操作員指示）高盛的凱文·庫馬爾。

Hi. Thanks for taking my question. Alan, you had mentioned the federal segment. So maybe if you can give an update there, kind of the trends you're seeing with the federal business. How is growth trending there relative to kind of the broader Pega growth? And maybe if you can touch on kind of the strategy there, is it similar to the broader Pega strategy of going deeper into the existing accounts? Any color there would be helpful.

你好。感謝您回答我的問題。艾倫，你提到了聯邦部分。因此，如果您可以提供最新消息，請介紹您在聯邦業務中看到的趨勢。相對於 Pega 更廣泛的成長，那裡的成長趨勢如何？也許您可以談談那裡的策略，它是否類似於 Pega 更深入現有帳戶的更廣泛的策略？任何顏色都會有幫助。

Yeah. I think that one thing you need to realize, when we go deeper into an existing account, that actually involves things that are as much new pursuits and new accounts as anything else. I mean, the Department of Commerce is an existing account; Department of Justice, the U.S. Army, those are existing accounts; the IRS.

是的。我認為你需要意識到的一件事是，當我們深入了解現有帳戶時，實際上涉及到與其他任何事情一樣多的新追求和新帳戶。我的意思是，商務部是一個現有帳戶；司法部、美國陸軍，這些都是現有帳戶；還有美國國稅局。

The ability to do massive new things for them is huge. I mean, we're only doing a tiny fraction of what that potential landscape is. So we definitely have a target org strategy. I think that's something that helps our business be more reliable as a business, but also frankly helps us do a better job for our clients, which is key. So we've definitely taken a target strategy there.

他們做大量新事情的能力是巨大的。我的意思是，我們只做了潛在景觀的一小部分。所以我們肯定有一個目標組織策略。我認為這有助於我們的業務更加可靠，坦白說，這有助於我們更好地為客戶服務，這是關鍵。所以我們肯定在那裡採取了目標策略。

And I'm thrilled with what I'm seeing. I'm thrilled with big organizations themselves experiencing success and looking for ways to get broader. By the way, not just in the US, but we've had massive work recently with Her Majesty's Revenue and Customs doing work well across the globe in governments. And I think it's going to continue to be really important for us.

我對我所看到的一切感到非常興奮。我很高興看到大型組織本身取得成功並尋求拓展業務的方法。順便說一句，不僅在美國，我們最近還與英國稅務海關總署開展了大量的合作，與世界各地的政府合作良好。我認為這對我們來說仍然非常重要。

So Kevin, just to add one thought, so an interesting dynamic that may be kind of similar to what happened a few years ago is that the government went from being a little bit more skeptical of SaaS and cloud, say, 10 or 15 years ago to really embracing it in the last, say, five years or so, maybe a little longer. So they're really -- and I think you're seeing that same trend around GenAI.

所以 Kevin，我只想補充一點想法，一個有趣的動態可能有點類似於幾年前發生的事情，那就是政府從 10 或 15 年前對 SaaS 和雲有點懷疑，到最近 5 年左右，甚至更長時間才真正接受它。所以他們真的——而且我認為你在 GenAI 周圍看到了同樣的趨勢。

The government -- companies are always skeptical of kind of like the risks of something like GenAI because they want to understand how to control it, how the risk changes to their business that they might not have anticipated. But I do think you're going to see the public sector, the US government, and other governments really leverage GenAI. So we're focused on the impact of GenAI into our government solutions as well, because we think it's going to be relevant there, too, including Blueprint.

政府—公司總是對 GenAI 這樣的風險持懷疑態度，因為他們想了解如何控制它，以及風險會如何改變他們的業務，而這些是他們可能沒有預料到的。但我確實認為你會看到公共部門、美國政府和其他政府真正利用 GenAI。因此，我們也關注 GenAI 對我們的政府解決方案的影響，因為我們認為它也與此相關，包括 Blueprint。

Yeah. That's great color. Thank you. And then Ken, you had talked about term license maybe being a bit stronger this quarter, but it doesn't sound like your full-year expectations change. So was that just really kind of pull forward, maybe you see a weaker 3Q and you see that typically strong 4Q. Anything else you can add there? Or any changes in customer buying patterns?

是的。顏色真棒。謝謝。然後肯，你談到本季定期許可證可能會更強一些，但聽起來你對全年的預期不會改變。那麼這真的只是一種向前推進嗎？也許你會看到第三季表現較弱，而第四季表現通常會較強。您還有什麼可以補充的嗎？或者客戶購買模式有任何變化嗎？

Yeah, that's a great question. And you actually caught that in my script. So I was consciously trying to give you guys some insights on that. We actually think, if anything, our term license will be lower for the year as opposed to higher. There's -- more and more clients are moving to Pega Cloud.

是的，這是一個很好的問題。你確實在我的腳本中捕捉到了這一點。所以我有意識地嘗試為你們提供一些這方面的見解。我們實際上認為，如果有的話，我們的年度許可證費用將會更低，而不是更高。越來越多的客戶正在轉向 Pega Cloud。

What happened in Q2 was just timing of renewals. So what you should anticipate, Kevin, is exactly what you said. Q3 will be pretty weak in terms of renewals. On the revenue side, because it's just -- you know how that is. It's just our business isn't linear on the timing of renewals. Q4 will still have term renewals in it, but Q3, not many. And we still think that term revenue is likely to be down low double digits for the year because more of it's moving to Pega Cloud.

第二季發生的事情只是續約的時機。所以，凱文，你應該預料到的正是你所說的。就續約而言，第三季將會相當疲軟。從收入方面來說，因為這只是——你知道這是怎麼回事。只是我們的業務在續約時間上並且非線性。Q4 仍會有續約，但 Q3 則不會很多。我們仍然認為，今年的長期收入可能會下降兩位數，因為更多的收入將轉移到 Pega Cloud。

Jake Roberge, William Blair.

傑克羅伯格、威廉布萊爾。

-- it was great to hear the traction that you're seeing with those GenAI Blueprints. I'm curious when you think these Blueprints actually go live into production. Are you seeing -- starting to see some customers take the Blueprints into live runtime today? Or is that still a few quarters away to actually really impact that ACV growth?

——很高興聽到您對 GenAI 藍圖的關注。我很好奇您認為這些藍圖何時才能真正投入生產。您是否看到—開始看到一些客戶今天將藍圖帶入即時運行？或者還需要幾個季度才能真正影響 ACV 成長？

So it's interesting, Jake. We actually just met yesterday with one of our key partners who has actually closed two engagements where they were driven from Blueprint. So they've actually done Blueprint and they've turned into engagements for them. Now, it doesn't necessarily mean they're license orders for us, but that's okay. Those are the engagements that lead to license orders.

這很有趣，傑克。實際上，我們昨天才剛與我們的一位主要合作夥伴會面，他實際上已經完成了兩項由 Blueprint 推動的業務。因此，他們實際上已經完成了藍圖，並將其轉化為約定。現在，這並不一定意味著它們是我們的許可證訂單，但沒關係。這些約定最終會促成許可證訂單。

So we see our partners really on the front end of this, which is really amazing, because typically, companies like Pega, we typically move fast and we have to help enable our partners to keep up. Our partners are actually kind of out in front on this in a lot of cases and really leveraging Blueprint to be able to deliver solutions to our joint -- our mutual clients. So we're already seeing that, and I think that momentum is going to pick up.

因此，我們看到我們的合作夥伴真正處於這一領域的最前沿，這真的很神奇，因為通常情況下，像 Pega 這樣的公司，我們通常行動迅速，我們必須幫助我們的合作夥伴跟上步伐。在許多情況下，我們的合作夥伴實際上在這方面處於領先地位，並真正利用 Blueprint 為我們的共同客戶提供解決方案。我們已經看到了這一點，而且我認為這種勢頭將會增強。

Yeah. And I've seen it also with some direct clients who have used Blueprints to accelerate products -- applications that they've brought live. When Ken talks about these always don't lead to an immediate license sale, we've been moving, for a number of years, our customers to more of a kind of consumption model based on levels of consumption, so that it's easier for them, or candidly years ago, I think we made it really hard for our customers to get started on a new application. Now, we want a customer to be able to find it easy to start on a new application, to not have to sign a piece of paper with us to be able to do that in most cases.

是的。我也看到一些直接客戶使用藍圖來加速產品——他們已經上線的應用程式。當肯談到這些並不總是會導致立即的許可證銷售時，多年來，我們一直在讓我們的客戶轉向一種基於消費水平的消費模式，這樣他們就更容易了，或者坦率地說，幾年前，我認為我們讓客戶很難開始使用新的應用程式。現在，我們希望客戶能夠輕鬆地開始使用新的應用程序，大多數情況下無需與我們簽署任何文件即可做到這一點。

The side effect of that is we've got a real interest in them getting benefit in them using our system. So we're thrilled with increases to this consumption, whether it leads to an immediate license or to the next time in their agreement, where we take a look at what they're doing and true it up. Both of those are fine outcomes from our point of view here. Hence, I think that the level of enthusiasm that we have that's touching the entirety of the Pega product suite, both where we've got Blueprint implemented and where we've talked about putting Blueprint in in the third and fourth quarter, is generating a level of excitement and understanding about how AI can really help their businesses that's unlike anything I've seen before.

這樣做的副作用是，我們真正希望他們能透過使用我們的系統而獲益。因此，我們很高興看到這種消費的增加，無論它是否會導致立即獲得許可，還是會導致他們下次簽署協議時，我們都會查看他們在做什麼並進行糾正。從我們的角度來看，這兩者都是很好的結果。因此，我認為，我們對整個 Pega 產品套件的熱情程度，無論是我們已經實施的 Blueprint 還是我們談論的在第三季度和第四季度引入 Blueprint 的地方，都產生了一種興奮和理解，即人工智能如何真正幫助他們的業務，這是我以前從未見過的。

Yeah, that's great to hear. And then also good to see Pega Cloud representing 81% of net new ACV growth. How are you seeing GenAI impact the cloud migration timeline for your customers? Are you seeing any of those customers accelerate the journey into Pega Cloud? And then Ken, how should we kind of think about that mix heading into the back half of the year just in terms of Pega net new ACV growth? Thanks.

是的，聽到這個消息真是太好了。並且很高興看到 Pega Cloud 佔據了淨新 ACV 成長的 81%。您認為 GenAI 對客戶的雲端遷移時程有何影響？您是否看到任何客戶加速進入 Pega Cloud 的步伐？那麼 Ken，僅從 Pega 淨新 ACV 成長的角度來看，我們應該如何看待下半年的這種組合？謝謝。

Sure. So you're going to see, Jake, clients were already on a pace of migrating to Pega Cloud. And we have been, I would even say, more patient with that move and not really pushing anyone.

當然。所以你會看到，傑克，客戶已經開始遷移到 Pega Cloud 了。我甚至會說，我們對這項舉措更有耐心，並沒有真正催促任何人。

And I think there's just a lot more incentive for clients now with GenAI. They want to move to cloud anyway. This is part of their digital transformation plan. So I think GenAI just gives them another reason and a very important reason to actually make that transition. So I think you'll see the pace of our clients migrating to Pega Cloud accelerate as we go into 2025.

我認為 GenAI 現在能為客戶提供更多激勵。無論如何他們都想遷移到雲端。這是他們數位轉型計劃的一部分。所以我認為 GenAI 只是給了他們另一個理由和一個非常重要的理由來實現這個轉變。因此，我認為隨著我們進入 2025 年，您會看到我們的客戶遷移到 Pega Cloud 的步伐加快。

Pinjalim Bora, JPMorgan.

摩根大通的 Pinjalim Bora。

Hey. Thank you so much, and congrats on the quarter. Alan, what are you hearing from customers around kind of that last-mile implementation of Blueprint? It's clear that to create Blueprints, it's pretty easy and people are probably getting a lot of value from creating those Blueprints. But I'm thinking about actual go-live from creation of Blueprints to the actual go-lives. What are -- are there any hurdles people are facing? Is that actually easy? What is the feedback from customers at this point?

嘿。非常感謝，並祝賀本季取得佳績。艾倫，您從客戶那裡聽到了有關藍圖最後一英里實施的什麼信息？顯然，創建藍圖非常容易，而且人們可能會從創建這些藍圖中獲得很多價值。但我正在考慮從創建藍圖到實際上線的實際上線。人們面臨哪些障礙？這真的很容易嗎？目前客戶的回饋如何？

Well, the feedback continues to be very exciting. What we're seeing customers tell us is this has fundamentally changed the way they do design thinking about new applications. They're able to take our best practices, their input, things we're able to glean from the internet, bring them together and use that to challenge the conventional way that they would have thought about doing a business process or build a system.

嗯，反饋仍然非常令人興奮。我們看到客戶告訴我們，這從根本上改變了他們對新應用程式的設計思維。他們能夠採用我們的最佳實踐、他們的意見以及我們從互聯網上收集到的信息，將它們整合在一起，並利用這些信息來挑戰他們在開展業務流程或構建系統時所考慮的傳統方式。

And it's really, as you will have seen, and everybody is welcome to use it on pega.com, it's very innovative. I mean, even if it never made it into the application, the fact that this changes the way you think about a business process and does it literally in hours, as opposed to weeks, is all by itself a huge advantage. And I do know of some customers who are playing with this for systems that may never actually become a Pega system which, by the way, I think is just fine.

如您所見，它確實非常具有創新性，歡迎大家在 pega.com 上使用它。我的意思是，即使它從未進入應用程序，但它改變了您對業務流程的看法，並且實際上在幾小時而不是幾週內完成，這本身就是一個巨大的優勢。我確實知道有些客戶正在為可能永遠不會真正成為 Pega 系統的系統玩這個遊戲，順便說一句，我認為這很好。

Now, having said that, the ability that we introduced at PegaWorld, so realize how incredibly new this is, to be able to import this into an actual new or existing Pega system, have it blend with their existing rules and processes, that's gotten a tremendous amount of excitement. Unsurprisingly, it's led to a lot of enhancement requests from clients, and we are pounding those in, which we're able to do because Blueprint is a SaaS system. So we're able to do this weekly and biweekly release cycle, which is adding value.

現在，話雖如此，我們在 PegaWorld 引入的功能，讓我們意識到它是多麼的新穎，能夠將其導入到實際的新或現有的 Pega 系統中，並使其與現有的規則和流程相融合，這引起了極大的興奮。毫不奇怪，它引發了來自客戶的大量增強請求，我們正在努力滿足這些請求，我們之所以能夠做到這一點，是因為 Blueprint 是一個 SaaS 系統。因此，我們能夠實現每周和每兩週的發布週期，這增加了價值。

So the feedback we're getting from the clients is they love what they're seeing. They want some more stuff, which is always a good thing -- it tells us that customers are really interested -- and we're providing it. So I would say, unlike many things I've seen in my life and technology rollout, this is all good.

因此，我們從客戶那裡得到的回饋是，他們喜歡他們所看到的東西。他們想要更多的東西，這總是一件好事——這表明我們客戶確實感興趣——而我們正在提供這些東西。所以我想說，與我生活中和技術推廣中見過的許多事情不同，這一切都很好。

Understood. Thank you. Very helpful. One question for you, Ken. Just in the previous answer before me, I think you said the pace of migration to cloud should continue to accelerate. In that context, how should we think about kind of the maintenance line going forward? And kind of the dollar of maintenance converting to cloud, that multiple that you typically get, how should we kind of think about that as we think about the next couple of years?

明白了。謝謝。非常有幫助。肯，我想問你一個問題。就像在我之前的回答中，我認為您說過遷移到雲端的步伐應該繼續加快。在這種背景下，我們應該如何考慮未來的維護線路？而對於轉換為雲端的維護費用，您通常會得到的倍數，當我們考慮未來幾年時，我們該如何看待這個問題？

Yeah. So it is a tough one even for us, because not every situation is exactly the same. But if you think about $700 million of term -- of non Pega Cloud ACV, if you just think about that number, and if all of it converted, you should see somewhere between a 25% and a 50% expansion off of that number.

是的。所以即使對我們來說這也是一個難題，因為並不是每種情況都完全相同。但是，如果您考慮 7 億美元的期限 - 非 Pega Cloud ACV，如果您只考慮這個數字，並且如果全部轉換，您應該會看到該數字擴大 25% 到 50% 之間。

Now, in some cases, the number will be 2:1 or more, and in some cases, it will be more modest. It really kind of depends on the actual situation with each client, so we do have to -- now, there will be some markup for all clients, because naturally, there's a managed service that we're providing in infrastructure, et cetera. But I think just using a rule of thumb, I'd say 25% to 50% across that. So you're talking about a few hundred million dollars of incremental opportunity.

現在，在某些情況下，這個數字將是 2:1 或更多，而在某些情況下，這個數字將會更加適中。這實際上取決於每個客戶的實際情況，所以我們必須——現在，所有客戶都會有一些加價，因為自然而然地，我們在基礎設施等方面提供託管服務。但我認為，根據經驗法則，我會說這個比例是 25% 到 50%。所以你談論的是幾億美元的增量機會。

Next question?

下一個問題？

(Operator Instructions)

（操作員指示）

Yeah. Sorry, I did not hear my name getting called. Thanks, Alan, and thanks, Ken, for taking my question. Maybe two, starting with Blueprint, really exciting to see the momentum here. Can you talk a little bit about some of the more common applications and workflows that you're seeing going into production? And maybe if we think about some of those use cases over time, maybe over the next one, two, three years, how do you see that evolving?

是的。抱歉，我沒有聽到有人叫我的名字。謝謝艾倫，也謝謝肯回答我的問題。也許有兩個，從藍圖開始，看到這裡的勢頭真的令人興奮。您能否簡單談談您所見過的一些投入生產的更常見的應用程式和工作流程？如果我們考慮一下這些用例在一段時間內的情況，也許在接下來的一、二、三年內，您認為它們會如何發展？

So a lot of the uses, as you would expect, have to do with customer service and aspects of it like the onboarding or the dealing with addition of a new product and how you make those choices and how you get the right approvals and implement that. Those are very common types of workflows.

因此，正如您所料，許多用途都與客戶服務及其各個方面有關，例如入職培訓或處理新產品的添加，以及如何做出這些選擇以及如何獲得正確的批准並實施。這些是非常常見的工作流程類型。

But we're seeing the lots of workflow uses that fall into what you'd call the master data management space. That's kind of how do you sit in front of an SAP system or some old, big system that is maintaining the records of your business and make sure that your products are defined correctly or parts of your business are defined directly, really putting those types of workflows in front, which leverage our ability to work so well with some of these big, old backend systems, but give them a state-of-the-art workflow that brings AI to how they want to operate. So it's incredibly broad is the way I would describe it.

但我們看到許多工作流程用途都屬於所謂的主資料管理領域。這就是說，您如何坐在 SAP 系統或某個維護業務記錄的大型舊系統前，確保您的產品定義正確或業務的各部分得到直接定義，真正將這些類型的工作流放在前面，利用我們與某些大型、舊的後端系統良好協作的能力，但為它們提供最先進的工作流程，將 AI 引入它們想要的運作方式。所以我會這樣描述它：它的範圍非常廣泛。

Great. That's really helpful. And then if we just think about kind of the increasing mix towards consumption, and then Blueprint's probably going to accelerate that, how should we be thinking about just kind of the overall revenue mix of kind of more traditional subscription versus its consumption component over time? Or is that just not the right term to use? Thanks.

偉大的。這真的很有幫助。然後，如果我們只考慮消費的不斷增加的組合，那麼 Blueprint 可能會加速這個過程，那麼隨著時間的推移，我們應該如何考慮更傳統的訂閱與其消費部分的整體收入組合？或者這只是一個不恰當的用語？謝謝。

So I don't -- I understand your question completely, which is fixed versus variable revenue, Rishi. And I don't know that that's necessarily the right way to think about it. Because what Alan said was the way that this works is think about it as a commit with flexibility. Clients are committing to a certain amount of usage because that gets them better economics on pricing, they have the ability to flex up. As they flex up, they typically commit to higher levels, that gets them, once again, better economics as they scale as you get volume discounts.

所以我不——我完全理解你的問題，即固定收入與可變收入，Rishi。我不知道這是否一定是思考這個問題的正確方法。因為艾倫說，這種做法的工作原理是將其視為一種具有靈活性的提交。客戶承諾一定量的使用，因為這能讓他們獲得更好的定價經濟效益，他們有能力彈性調整。隨著他們的靈活性提高，他們通常會承諾更高的水平，這樣，隨著他們擴大規模並獲得批量折扣，他們可以獲得更好的經濟效益。

And it's very similar to Amazon or Google, where they actually have pricing discounts, but then there's better discounts you can get by making annual commitments. So it's a very similar model for that. There's still going to be a commitment level, but there's going to be this ability to allow clients to almost grow organically within their arrangements, as opposed to having to go through a contracting and paperwork process every single time they want to get a new application, a new workflow, a new case type started. So I don't think -- we're not bifurcating those numbers because we view it as all part of a continuum of how we grow with our clients.

它與亞馬遜或谷歌非常相似，他們實際上有價格折扣，但透過年度承諾，你可以獲得更好的折扣。所以這是一個非常相似的模型。仍然會有一個承諾水平，但將有能力讓客戶在他們的安排中幾乎有機地成長，而不是每次他們想要獲得新的應用程序、新的工作流程、開始新的案例類型時都必須經過合約和文書工作流程。所以我不認為——我們不會將這些數字一分為二，因為我們認為這是我們與客戶共同成長的連續過程的一部分。

Patrick Walravens, Citizens JMP.

Patrick Walravens，公民 JMP。

Hey there. This is Austin Cole on for Pat Walravens. Ken, I think at the Analyst Day, you made a comment that the kind of long term getting to that $2 billion ACV in three to five years, that there's an upside case that's driven by Blueprint. Did you mean that that upside case with Blueprint is getting to that $2 billion and kind of closer to the three years rather than five?

嘿。這是奧斯汀·科爾 (Austin Cole)，替補帕特·沃爾拉文斯 (Pat Walravens)。肯，我想在分析師日上，你曾評論說，從長遠來看，在三到五年內實現 20 億美元的 ACV 是一個由 Blueprint 推動的上行機會。您的意思是 Blueprint 的優勢在於能夠達到 20 億美元，並且更接近三年而不是五年？

Yes. Naturally, we're going to do everything we can to get there as fast as possible. And we think Blueprint could help us get there faster, which is where that range came up, Austin.

是的。當然，我們會盡一切努力盡快實現這一目標。我們認為 Blueprint 可以幫助我們更快實現這一目標，這就是該系列產品的由來，奧斯汀。

Okay. And then just -- I know it's super, super early days, but following that event in the one month since that event, where it definitely was very centered on Blueprint, with the interest you're seeing, I mean, is there anything in these early days to suggest that we're not going to be close to that three years rather than five from a Blueprint standpoint?

好的。然後只是——我知道現在還為時過早，但自那次活動以來的一個月裡，一切都非常集中在藍圖上，從您所看到的興趣來看，我的意思是，從藍圖的角度來看，這些早期的情況是否表明我們不會接近三年而不是五年的目標？

I would say, given where we are now, Blueprint's excitement, momentum, even the improvement of the advancement of some of the capabilities of Blueprint are really on pace with what we had hoped. Jumping to the -- it's three years versus five years is probably a little premature to start to predict when we think we can get there. But I would say we feel great about the opportunity.

我想說，考慮到我們現在的狀況，Blueprint 的興奮度、發展勢頭，甚至 Blueprint 某些功能的進步都確實與我們所希望的同步。跳到——三年還是五年，開始預測我們何時能夠實現這一目標可能有點為時過早。但我想說，我們對這個機會感到非常高興。

Naturally, internally, we're pushing to get there as fast as possible. And three years would be our -- that's like -- that's our desired state. But once again, it's four months in from when we talked.

當然，從內部來看，我們正在努力盡快實現這一目標。三年就是我們的期望狀態。但再說一次，距離我們談話已經過了四個月。

Raimo Lenschow, Barclays.

巴克萊銀行的 Raimo Lenschow。

Perfect. I have two quick questions. One, given the uncertainty that we had on the software spending side, with the off-cycle Q1 -- I don't know if you followed what we saw at Salesforce, Workday, et cetera -- what did you see this quarter kind of playing out? And did you change anything in terms of kind of penciling -- being a little bit more sharper on sales execution, et cetera, because you delivered a very, very strong quarter? So the questions that we all have is, are there certain pockets in software spending like yours that is, with GenAI, doing better than others? Or can you talk a little bit of what is slightly broader in terms of sales? And then I have a quick follow-on.

完美的。我有兩個簡單的問題。首先，考慮到我們在軟體支出方面存在的不確定性，在非週期性的第一季——我不知道您是否關注了我們在 Salesforce、Workday 等公司看到的情況——您認為本季度會出現什麼情況？由於本季業績非常強勁，您是否在計劃方面做出了任何改變——對銷售執行等更加敏銳一些？所以我們大家的問題是，在軟體支出方面，是否存在像你們這樣的特定領域，即 GenAI，表現比其他領域更好？或者您能否談談銷售方面更廣泛的範圍？然後我有一個快速的後續問題。

Yeah. This is an example of a quarter where there were really no what we used to call whales. We love whales, but it's okay being able to have a good quarter without any. That's -- we'll take lots of tuna is the way we think about it. So there weren't any whales. There weren't regional differences that were massive or driving the outcome.

是的。這是一個我們過去所說的「鯨魚」根本不存在的季度的例子。我們喜歡鯨魚，但沒有鯨魚也能過好日子也是可以的。那是——我們的想法是，我們會捕撈大量金槍魚。所以那裡沒有鯨魚。不存在巨大的地區差異，也不會影響結果。

And I do think our sales execution has improved, as we've really moved to adopt the target org model and as that has now become part of the DNA of the company. And what we need to make sure is that as we grow, as we continue to go forward, that the organization continues to base its energy on the things we've learned about doing it in a more efficient manner and paying attention to the cost that envelop, as well as hitting the growth target. But no, it was a nice, broad-brushed outcome.

我確實認為我們的銷售執行力已經提高，因為我們確實已經轉向採用目標組織模式，並且它現在已經成為公司 DNA 的一部分。我們需要確保的是，隨著我們的成長，隨著我們不斷前進，組織將繼續以我們所學到的知識為基礎，以更有效的方式開展工作，專注於所涉及的成本，並實現成長目標。但不，這是一個美好的、大致的結果。

So Raimo, let me add one little piece of information that I know. I know you're aware, just to remind you, we are not as dependent on licensing at the user level. And so I think a lot of software companies that license at the user level actually do have more risk with this whole automation, GenAI, trying to get efficiency.

那麼 Raimo，讓我補充一點我知道的資訊。我知道您知道，只是提醒您，我們不依賴使用者等級的許可。因此，我認為，許多在使用者層級授權的軟體公司為了提高效率，在整個自動化、GenAI 方面確實面臨更大的風險。

And quite frankly, our entire solution is about automating end-to-end to drive efficiency and optimization and consistency. So we think that, not to say that we are insulated from good global economic trends, because we are absolutely subject to all of that, I do think our licensing model being more of a consumption value-based licensing model, where the amount of transactions that Pega does tie to the value ties to our business helps us. And also, the space in which we sit is very congruent with what we're trying to -- what the market is trying to do with AI, which is to drive efficiency and automation. So maybe that helps us a little, those two levers.

坦白說，我們的整個解決方案是關於端到端自動化，以提高效率、最佳化和一致性。因此我們認為，並不是說我們不受全球經濟良好趨勢的影響，因為我們絕對受制於所有這些，我確實認為我們的授權模式更多的是基於消費價值的授權模式，其中 Pega 與我們的業務相關的價值交易量對我們有幫助。而且，我們所處的空間與我們正在嘗試的目標非常一致——市場正在嘗試利用人工智慧來提高效率和實現自動化。所以這兩個槓桿也許對我們有點幫助。

Yeah. Our philosophy is the more work the system does, if the system is doing more work, then the customers should be willing to pay more. The folks who are doing this based on users, I think that's just an antiquated model. Our whole point is we're going to go to an autonomous enterprise that is more self-driving, and the number of users is going to massively reduced, doubled with self-service. So I'm really happy that we have the right thinking when it comes to a model.

是的。我們的理念是，系統做的工作越多，如果系統做的工作越多，那麼客戶就應該願意付出更多。我認為那些根據用戶來做這件事的人只是一種過時的模式。我們的目標是成為更自主駕駛的自主企業，用戶數量將大幅減少，自助服務數量將翻倍。因此，我很高興我們在模型方面有正確的想法。

Okay, perfect. Okay. Thank you. And then Ken, on the cash flow number, very strong for the first half, obviously, the Q1 was a strong one, Q2 is never the strong one because of the seasonality. If you think about the cash flow performance so far this year, is there any thinking from you that the trajectory is changing? Or are we still kind of good with what you kind of communicated before? Thank you, and congrats from me as well.

好的，完美。好的。謝謝。然後肯，關於現金流數字，上半年非常強勁，顯然，第一季表現強勁，但由於季節性因素，第二季從來都不是強勁的。如果您考慮今年迄今為止的現金流表現，您是否認為軌跡正在改變？或者我們對您之前所溝通的內容還滿意嗎？謝謝您，我也向您表示祝賀。

Thanks, Raimo. So first off, I think we'll try really hard to have positive cash flow in Q3. I think it will happen; but when you have lower billing quarters, it is harder to generate lots of cash.

謝謝，雷莫。所以首先，我認為我們會盡力在第三季實現正現金流。我認為這會發生；但是當你的帳單季度較低時，產生大量現金會更加困難。

Q4 is always a figure billings quarter. It doesn't always mean that cash flow is big, as some clients may pay you in Q1 or Q4. So I think that teetering of when you get collections continue to make Q1 and Q4 the biggest quarters.

Q4 始終是數位計費季度。這並不總是意味著現金流很大，因為有些客戶可能會在第一季或第四季付款給你。因此，我認為，何時收回款項的搖擺不定將繼續使第一季和第四季成為最大的季度。

But for the year, we still see the year kind of shaping up as we thought it would be, but Q1 gave us a really good start. Q2, quite frankly, was better from a cash flow standpoint than we thought. I think Q3, we will try to keep our positive cash flow momentum, but it is hard when you don't have as much billings in a quarter.

但就今年而言，我們仍然認為今年的情況會像我們想像的那樣，但第一季給了我們一個非常好的開始。坦白說，從現金流的角度來看，第二季的表現比我們想像的還要好。我認為在第三季度，我們將努力保持正現金流勢頭，但如果一個季度沒有那麼多帳單，那就很難了。

Mark Schappel, Loop Capital Markets.

馬克‧沙佩爾 (Mark Schappel)，Loop 資本市場。

Hi. Thanks for taking my question, and nice job on the quarter. Ken, during the Investor Day, it was noted that the company was planning to target new logos that have the potential to be $1 billion ACV accounts. It was a little bit of a departure from the past. I was wondering if you could just provide some additional details on how you plan to go about this market -- go-to-market wise. So for instance, should we expect like a dedicated sales team to go after these new clients?

你好。感謝您回答我的問題，本季表現不錯。肯，在投資者日期間，據悉該公司計劃瞄準有可能成為 10 億美元 ACV 帳戶的新標誌。這與過去有些不同。我想知道您是否可以提供一些關於您計劃如何進入這個市場的額外細節——以市場進入的方式。舉例來說，我們是否應該期望一個專門的銷售團隊來追逐這些新客戶？

Sure. So let's go back a year or two ago. We wanted to transform our go-to-market team. We knew that by doing that and changing the way we sold to add a bunch of new logos was going to be terribly disruptive to the progress on that. So just a reminder of why we are where we are.

當然。讓我們回顧一兩年前。我們希望改變我們的行銷團隊。我們知道，這樣做並改變我們的銷售方式以添加一堆新標誌將會嚴重破壞這一進程。這只是提醒我們為什麼我們會處於現在的位置。

We really limited net new logos. It was a very small amount and very targeted. And when we go forward, we are going to be just as targeted in terms of the new logos, but we are feeling like it is time to add more focus on new logos. Those new logos will not be a new team.

我們確實限制了新識別的數量。金額非常小，而且非常有針對性。當我們繼續前進時，我們將同樣關注新標誌，但我們覺得現在是時候更加關注新標誌了。這些新標誌並不意味著是一支新球隊。

We have our teams already segmented, where some of our teams actually focus on more prospecting, more logos. We call that major accounts, which is an account that is very significant that typically looks just like one of our existing organizations that we feel like we can sell into. So it's going to be very target org model, and it will be focused in some of our teams right now globally that already have prospected for some new logos. But once again, they're going to be targeted.

我們已經對各個團隊進行了細分，其中一些團隊實際上更注重勘探、更多的標識。我們稱之為大客戶，這些客戶非常重要，通常看起來就像我們現有的組織之一，我們覺得我們可以向其銷售產品。因此，它將是一個非常有針對性的組織模型，並將集中在我們目前在全球範圍內的一些已經尋找過一些新標誌的團隊。但他們又一次成為了攻擊目標。

And what targeted means is that you don't give somebody some random territory and say, go hunt. You basically say, hey, Paula, hey, John, here are six orgs. This is where you're going to play. Get one of these, or maybe even here's one org that we want you to break into. So very target org driven so that we don't have this investment in general purpose marketing expense, which we found when we did it before, we just didn't get the returns from. We're very comfortable that on a hand-to-hand combat with org, we can work our way through this.

而有針對性的意思是，你不會給某人一些隨機的領地，然後說，去狩獵。你基本上會說，嘿， Paula，嘿， John，這裡有六個組織。這就是你要去玩的地方。取得其中之一，或甚至這裡有一個我們希望您闖入的組織。因此，我們非常注重目標組織，因此我們不會在通用行銷費用上進行投資，我們發現，當我們以前這樣做時，我們並沒有獲得回報。我們非常有信心，透過與組織的肉搏戰，我們可以解決這個問題。

And one last little piece of color there, Mark, organizations that we will target will probably look like the organizations that we already have and also may have former Pega buyers and influencers that have moved to those organizations, which actually helps as well. Meaning somebody that already used Pega at another organization and took a new role, that's kind of how we're thinking about that strategic targeting.

馬克，最後一點需要說明的是，我們所針對的組織可能看起來像我們已經擁有的組織，也可能有以前的 Pega 買家和影響者已經轉移到這些組織，這實際上也有幫助。意思是某人已經在另一個組織中使用過 Pega 並擔任了新角色，這就是我們對策略目標的思考。

Great. Thanks.

偉大的。謝謝。

Daniel Ives, Wedbush.

丹尼爾艾夫斯，韋德布希。

Yeah. Thanks. Can you talk about, on these AI cycles, how that's changing your overall spending environment? I mean, are you getting brought into more what I'll call AI-driven deals?

是的。謝謝。您能否談談這些人工智慧週期如何改變您的整體支出環境？我的意思是，您是否會參與更多我稱之為人工智慧驅動的交易？

Yeah, we are. People have seen what we've done and are intrigued. And so we're really being seen by our customers, in many cases, as the way that they should go about implementing AI. I mean, what better way to implement AI than to make the way your workflows work better? Or to cut down on manual steps? Or to make better decisions for clients? Those are perfect use cases for AI.

是的，我們是。人們看到了我們所做的一切並且很感興趣。因此，在許多情況下，我們的客戶確實將我們視為他們實施人工智慧的正確方式。我的意思是，除了讓你的工作流程更好運作之外，還有什麼更好的方法來實現人工智慧？或減少手動步驟？還是為客戶做出更好的決策？這些都是人工智慧的完美用例。

So we're a way for companies to incorporate AI in the core of their business without having to craft it by hand from something from Azure or AWS. This is a way for them to incorporate AI as part of something that's very [competitive drivers].

因此，我們為公司提供了一種將人工智慧融入其業務核心的方法，而無需使用 Azure 或 AWS 手工製作。這是他們將人工智慧融入到非常[有競爭力的車手]。

And of those, how many tend to be more new customers versus existing?

其中，有多少是新客戶而不是現有客戶？

Well, our strategy was very much about expanding into other areas of existing customers, and that has been our strategy. But I consider another area of a new customer. I mean, another part of the U.S. Department of Commerce, that's really kind of breaking into something new. So it's not as clean as you might want, but we're definitely going to be looking at figuring out how do we open that aperture and bring it to more new organizations, but do it in the style we're already using.

嗯，我們的策略主要是擴展到現有客戶的其他領域，這一直是我們的策略。但我考慮了新客戶的另一個領域。我的意思是，美國商務部的另一個部門確實正在開拓一些新領域。因此，它並不像您想要的那樣乾淨，但我們肯定會研究如何打開這個孔徑並將其帶到更多新組織，但要以我們已經在使用的方式進行。

And by way, Dan, just to add one other piece of color, our partners are actually very helpful in assisting us in the selection of some of those target organizations because they may actually be talking to those exact organizations and make recommendations for ones that we should cover. So that's where another helpful connection to AI as well.

順便說一句，丹，再補充一點，我們的合作夥伴實際上非常樂於幫助我們選擇一些目標組織，因為他們實際上可能正在與這些組織交談，並為我們應該涵蓋的組織提出建議。這也是與人工智慧的另一個有用的聯繫。

That concludes our Q&A session. I will now turn the conference back over to Alan Trefler, Founder and CEO of Pegasystems, for closing remarks. Please go ahead.

我們的問答環節到此結束。現在，我將會議交還給 Pegasystems 創辦人兼執行長 Alan Trefler 來致閉幕詞。請繼續。

Thank you, everyone. We're working hard. We're seeing our customers engage with us, which is enormously invigorating. When we talk about GenAI excitement, I will say that it is palpable, and we're going to continue to improve it, drive it, and hopefully continue to show the good results. Thank you very much, everyone.

謝謝大家。我們正在努力工作。我們看到客戶與我們互動，這非常令人振奮。當我們談論 GenAI 的興奮時，我會說它是顯而易見的，我們將繼續改進它、推動它，並希望繼續展示良好的結果。非常感謝大家。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。